Question about Fannie Mae cash for keys. - REO Property Preservation Forum
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post #1 of 29 (permalink) Old 01-13-2013, 07:56 AM Thread Starter
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Question about Fannie Mae cash for keys.

Hello all,
I am a contractor in South Carolina, I do a little work for Altisourse so I know a little about the system, recently the house I rent was foreclosed and now Fannie Mae has control of it. No worries, I already have another place. Good thing I knew the ropes a little and was prepared!! My question is, what are they paying for "cash for keys"? I have a current lease with a property mgmt co and I'm sure ill qualify so I hope! Any input is greatly appreciated!
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post #2 of 29 (permalink) Old 01-13-2013, 08:29 AM
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I would see what they offer and counter with a higher bid. I have seen them go for around $2,000.
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post #3 of 29 (permalink) Old 01-13-2013, 08:35 AM
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I would see what they offer and counter with a higher bid. I have seen them go for around $2,000.

yes I handle some for Cyprexx and most of them are $2000 for each person (husband and wife)
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post #4 of 29 (permalink) Old 01-13-2013, 09:44 AM Thread Starter
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post #5 of 29 (permalink) Old 01-13-2013, 09:57 AM
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Quote:
Originally Posted by Richiebro14 View Post
Hello all,
I am a contractor in South Carolina, I do a little work for Altisourse so I know a little about the system, recently the house I rent was foreclosed and now Fannie Mae has control of it. No worries, I already have another place. Good thing I knew the ropes a little and was prepared!! My question is, what are they paying for "cash for keys"? I have a current lease with a property mgmt co and I'm sure ill qualify so I hope! Any input is greatly appreciated!
I've seen them as high as $4500 per person on the lease. A lot of people just say forget about the Cfk because in that state in which we did it in, they would get 6-7 months before the eviction vs 90 days Cfk's.
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post #6 of 29 (permalink) Old 01-13-2013, 10:28 AM
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I have seen up to 2500 in NY but i have also seen the Offer pulled back when a tenant tried to squeeze the goose
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post #7 of 29 (permalink) Old 01-13-2013, 11:50 AM
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re

I hear of mostly $2-4k. I've heard stories from NY and california of $20k when the place is rent controled
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post #8 of 29 (permalink) Old 01-13-2013, 02:23 PM
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I hear of mostly $2-4k. I've heard stories from NY and california of $20k when the place is rent controled
Those happen in the large multimillion dollar estates.
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post #9 of 29 (permalink) Old 01-13-2013, 06:30 PM
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Those happen in the large multimillion dollar estates.

I would think that they would have to pay a ton to get people out or rent controlled places. If I'm paying $1100 for a nice place in LA that is worth even $1500 anywhere else it's going to take a hell of a lot more then $2-4k to get me out. Especially when you factor in CA's rental laws and knowing that its next to impossible to get someone out who doesn't want to leave. I had a buddy that just let his house go back when he got some terrible renters because he just said 'screw it" after spending like $15k trying to get them out after they trashed the place right after moving in.

He said they threatened to report him because the front door was busted off the hinges and there were a bunch of broken windows after they are the ones who did it.
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post #10 of 29 (permalink) Old 01-13-2013, 10:31 PM
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A lot of people just say forget about the Cfk because in that state in which we did it in, they would get 6-7 months before the eviction vs 90 days Cfk's.
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I have seen up to 2500 in NY but i have also seen the Offer pulled back when a tenant tried to squeeze the goose




I've seen both happen, to the same person.


Ocwen was going to offer this gal the highest amount I'd ever seen them offer here......
I wasn't impressed with her smartness but apparently she had some about her because she said that for the cost of rent she can stay there another 90 days (state law after the sheriff sale) and gain more than the CFK offer.

When the 90 days was up they sent me back to offer $500 MAX or they'd evict.
She took the money at that point.


When I was doing CFKs I never saw over $1500 offered.....

Professionals are people who can do their job when they don't feel like it.
Amateurs are people that can't do their job even when they do feel like it.
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